October 24, 2018 / 4:55 AM / 9 months ago

BUZZ-India's Ambuja Cements falls to 3-month low as Q2 profit misses estimate

** Ambuja Cements Ltd’s shares fall as much as 3.8 pct to 192.95 rupees, lowest since July 20

** Cement maker’s Q2 standalone profit plunged over 30 pct to 1.79 bln rupees ($24.43 mln), missing analysts’ expectations of 2.68 bln rupees, according to Refinitiv data

** Rising costs and volatility in exchange rate hurt performance - co said on Tuesday

** Macquarie analysts say “while cement demand continues to be in the double digits, stagnant prices have kept margins under pressure over the last six months”; maintain “neutral” rating with PT of 230 rupees

** Deutsche Bank says core cement EBITDA margins dropped 22 pct to their lowest in at least 10 years due to higher-than-expected cost inflation

** DB rates stock “hold” with PT of 225 rupees

** More than 4.9 mln shares change hands, 1.3 times their 30-day moving avg of 3.6 mln shares

** Seventeen of 36 brokerages covering the stock rate it “buy” or higher, 14 “hold” and five “sell”; median PT 240 rupees - Refinitiv data

$1 = 73.2650 Indian rupees

0 : 0
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